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Jan 24, 2013 4:00am EST
i've been advocating now with john campbell for 20 years now. and they're high. price earnings are high. and i think they're high relative to ten-year average earnings. i think the earnings are likely to be unsustainable. just the historic pattern. they tend to be wrote down. so i think the market is highly priced. not extremely highly priced, but by historical standards, highly priced now. >> so you think the expectations are too high now? >> right. >> the stocks, you know, it's interesting, companies, are they going to retain their share of gdp? >> i'm sorry, what do you mean? >> well, they've taken quite a high chuck out of ge as far as the labor force or any other force. are they going to retain -- >> well, now, this is a big -- this is historic, big changes that we're talking about. and yeah, i think there's mean reverse there, too. but the people demand -- this is the people's republic of america. inequality is getting worse. we talked a lot about this in davos. and ultimately, it's going to correct back. but i don't know when and it's getting worse in china, too, but you must be
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